2017
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Rs 1500
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Rs 2000
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Rs 3500
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Rs 4000
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Detailed explanation-1: -7.3. To encourage the use of debit cards and to facilitate acceptance of small value transactions, especially at smaller merchants, RBI had prescribed maximum MDR for debit card transactions w.e.f. September 1, 2012, at 0.75% of transaction value for transactions up to ₹2, 000/-and at 1% for those above ₹2, 000/-.
Detailed explanation-2: -MDR is charged to the merchants for accepting digital payments. While UPI payments are currently exempted from MDR, credit cards attract the highest MDR between 1%-2% of the total transaction amount.
Detailed explanation-3: -Currently, UPI payments do not attract merchant discount rates (MDRs), while for debit cards, MDR is capped at 0.9 per cent for transactions, except for RuPay debit card, which attracts zero MDR.
Detailed explanation-4: -UPI Transaction Charges 2022: What is the Government saying? The Finance Ministry has clarified that there is no move in the government to levy any charge on UPI transactions. It further asserted the concerns of service providers for cost recovery have to be met through other means.